Russian Billionaire Criticizes Central Bank’s Crypto Policy, Praises El Salvador

Russian Billionaire Criticizes Central Bank’s Crypto Policy, Praises El Salvador

Founder of Basic Element a Russian industrial Group, with businesses such as Aluminum, Construction and Energy Billionaire Oleg Deripaska came out gun blazing at the Central Bank. According to Forbes is worth around $4.7 billion. Citing that even El Salvador realises the potential of crypto and the Russian bank is halting progress. 

El Salvador this month legalised bitcoin and cryptocurrency. The move will help the devastated economy of El Salvador. Oleg said about this: 

“(Even EL Salvador) realised the need for digital currencies and took a simple path – recognised bitcoin as a means of payment.”

Oleg Deripaska said all this on his Telegram Channel this week. His frustration was evident from his words saying the Russian Banking system has walls of superstition. In his view development in fin-tech will lead to the breaking of the wall.

Launch of Digital Ruble: 

The Russian Federation has been preparing for the launch of the digital Ruble for a while now. Just Last Month it was reported that the bank has finally been able to build a prototype. The prototype will get its launch this year probably.

This shows a little leniency of the country towards crypto and digital assets. The Foreign minister of Russia also said last week about crypto: 

The time will inevitably come when cryptocurrencies will play a very significant role, occupy a very significant segment in international settlements.

The Crypto landscape in Russia is changing rapidly and Deripaska’s criticism might bore some fruit in the future.   Russia is progressing in the field of Crypto however we really need to understand that the Russian government is not the biggest fan of autonomy and decentralization. 

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